Senior Citizens’ Freedom to Work Act of 2023

Senior Citizens' Freedom to Work Act of 2023

This bill eliminates provisions that reduce Social Security retirement benefits for certain beneficiaries who are younger than full retirement age and who have outside income above a certain threshold, also known as the Retirement Earnings Test (RET).

Under the RET, benefits are reduced for beneficiaries who are younger than full retirement age if they earn more than the annual limit ($21,240 for 2023). Withheld benefits are subsequently added to monthly benefits once the beneficiary reaches full retirement age.

Bill 118 hr 5193, also known as the Senior Citizens’ Freedom to Work Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide senior citizens with the freedom to continue working without facing any penalties or restrictions on their Social Security benefits.

Under current law, senior citizens who are receiving Social Security benefits may face limitations on the amount of income they can earn from work before their benefits are reduced. The Senior Citizens’ Freedom to Work Act of 2023 aims to eliminate these restrictions and allow seniors to work as much as they want without any negative impact on their Social Security benefits.

The bill also includes provisions to protect seniors from age discrimination in the workplace and to provide resources and support for older workers who may be looking to re-enter the workforce or switch careers later in life. Overall, the Senior Citizens’ Freedom to Work Act of 2023 is designed to empower senior citizens to continue working if they choose to do so, without fear of financial repercussions. It is seen as a way to promote economic independence and flexibility for older Americans, while also addressing the challenges and opportunities faced by an aging workforce in the United States.